World Bank Framework Agreement

Expressions of interest to be submitted electronically in English via the World Bank Group eConsultant2 (wbgeconsult2.worldbank.org/wbgec/index.html) WASHINGTON, July 8, 2020 – The European Commission and the World Bank Group today signed a Financial Partnership Framework Agreement out setting out the conditions under which the Banking Group will use European Union funds to implement development projects in the World. . “This agreement is another step in our long-standing partnership with the European Commission,” said Philippe Le Houérou, IFC`s President and CEO. “We look forward to expanding this cooperation into new areas, including promoting policy reforms that help the private sector solve development challenges in emerging economies. Building on long-standing cooperation between partners, the agreement will foster economic growth and digital development, create jobs, build skills, support fragile and conflict-affected states, tackle climate change and tackle gender inequalities around the world. In addition, the agreement will help accelerate the partners` joint response to COVID-19, including support for small and medium-sized enterprises in emerging markets. Under the new procurement framework, there are four key innovations to help businesses and client countries: *For more information, please contact unagencies@worldbank.org For the period 2015-2019, the European Union contributed EUR 2.07 billion (equivalent to USD 2.34 billion) to the Bank Group`s trust funds, including the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), strengthening the performance of countries around the world. “COVID-19 has significantly increased the complexity of the challenges facing our client countries. Our partnership with the European Commission is more important than ever as we work together to end extreme poverty, increase shared prosperity, and improve the lives of millions of people around the world,” said Axel van Trotsenburg, Managing Director of Operations at the World Bank. In addition, this agreement signals a coordinated and coherent approach to public procurement, which should increase efficiency and avoid duplication in jointly funded projects. On the understanding that both banks already apply a similar procurement framework consistent with international best practices to promote economic efficiency, efficiency, equality, fairness, integrity, transparency, quality, value for money and timeliness, the implementation of the agreement should be transparent for co-financed projects.

In addition, the implementation of the agreement is expected to significantly reduce transaction costs for borrowers and banks in terms of preparing, implementing and monitoring project procurement. .